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Insurance Question

 
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Old 01-12-2012, 08:53 PM   #1
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Insurance Question


Contractors, I need to know: What is the thing you hate most about your insurance? That is, what do you hate aside from the fact that it's expensive as . What would you change?

I work in contractors insurance and I'm trying to come up with some ideas for a new insurance program. Thanks!
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Old 01-12-2012, 10:35 PM   #2
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Re: Insurance Question


Eh.. mine isn't that expensive. Now, AUTO insurance, that's a different story!

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Old 01-12-2012, 11:16 PM   #3
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Re: Insurance Question


Premiums
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Old 01-12-2012, 11:18 PM   #4
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Re: Insurance Question


The way they judge your claims.
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Old 01-12-2012, 11:22 PM   #5
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Re: Insurance Question


second on premiums...
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Old 01-12-2012, 11:24 PM   #6
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Re: Insurance Question


Tarah....what about the vanishing premium???
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Old 01-13-2012, 11:17 AM   #7
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Tarah....what about the vanishing premium???
I love it. I'll get working on that right after I invent a tree that grows dollar bills.
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Old 01-13-2012, 11:18 AM   #8
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Re: Insurance Question


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Originally Posted by GregS View Post
Eh.. mine isn't that expensive. Now, AUTO insurance, that's a different story!
Yours probably isn't expensive because you're in Canada.
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Old 01-15-2012, 11:46 AM   #9
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Re: Insurance Question


No one seems to offer a partner mentality, where they spend some time actually teaching you how to keep your premiums lower...

I have Commercial Auto for 5 vehicles, WC with owners coverage, GL, Tool coverage, Health and Dental, and not once has anyone taken the time to show me how to set up my books to reduce premiums for multiple class codes. You don't learn new rules for exempting 1099 subs from your exposure until you are in an audit and are told they won't allow the exemption. I have no idea of whether or not my coverage is enough for the work I do....etc

I think local agents should have seminars to coach contractors through the process, or maybe even a webinar or something.

I feel like I just keep paying, and really dont even know what my insurance company does for me.
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Old 01-15-2012, 01:14 PM   #10
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Re: Insurance Question


Long story short: I hate all the legal/fine print "stuff". I'd rather a simple contract explaining in plain English - easy for a layperson like myself to understand - what is covered and what is not and the cost associated with that coverage. Period, nothing more, nothing written that a non-attorney can't understand. Just a simple contract.
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Old 01-15-2012, 01:57 PM   #11
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Re: Insurance Question


Quote:
Originally Posted by Pearce Services View Post
No one seems to offer a partner mentality, where they spend some time actually teaching you how to keep your premiums lower...

I have Commercial Auto for 5 vehicles, WC with owners coverage, GL, Tool coverage, Health and Dental, and not once has anyone taken the time to show me how to set up my books to reduce premiums for multiple class codes. You don't learn new rules for exempting 1099 subs from your exposure until you are in an audit and are told they won't allow the exemption. I have no idea of whether or not my coverage is enough for the work I do....etc

I think local agents should have seminars to coach contractors through the process, or maybe even a webinar or something.

I feel like I just keep paying, and really dont even know what my insurance company does for me.
Great point
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Old 01-16-2012, 08:32 AM   #12
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Re: Insurance Question


What actually aggravates me, besides the premium amounts lagging a year or more behind where the company is currently, is the Comp assumptions. I pay through the nose and rarely make a claim. Then, when one of the guys really needs it, the Ins Co fights the claim like crazy. I think in Mass. they are supposed to start paying out wages replacement within two weeks. My only comp claim, 10 yrs ago, they held the guy up for 5 months, and he had to fight with them the whole time. I wanted the guy to get what he was insured for. What did I pay all that dough for? Grrr.
Fully agree re Pearce and getting some education to us.
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Old 01-16-2012, 09:49 AM   #13
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Re: Insurance Question


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What actually aggravates me, besides the premium amounts lagging a year or more behind where the company is currently, is the Comp assumptions. I pay through the nose and rarely make a claim. Then, when one of the guys really needs it, the Ins Co fights the claim like crazy. I think in Mass. they are supposed to start paying out wages replacement within two weeks. My only comp claim, 10 yrs ago, they held the guy up for 5 months, and he had to fight with them the whole time. I wanted the guy to get what he was insured for. What did I pay all that dough for? Grrr.
Fully agree re Pearce and getting some education to us.
Jim
According to my agent, some companies are like that: very low rates, but will fight all claims. I say shop around. I also think it's best to routinely shop for better insurance. IMHO, insurance companies know few people routinely change insurance companies or shop for better rates on like coverage. So, they creep the premiums up over a period of time hoping that you'll just accept it and consider it inflation, etc. My premium went up $84.00 this year, not a lot of money to some, but it was to me. I haven't had a claim. I called immediately and complained and informed my agent that I may have to look for another broker. The jury is still out, but I still looking too. FYI, I use Selective: $3m coverage.
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Old 01-16-2012, 11:22 AM   #14
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Re: Insurance Question


I agree with others here. I want clarity and communication. Of course im sure most agents get pretty jaded by all the tile setters who build exterior masonry veneer and the reisential contractors working in giant commercial buildings. Everyone just holds their cards close and tries tomake sure they're not the one withe withe hot potato.
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Old 02-07-2012, 06:26 PM   #15
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Re: Insurance Question


I think there might be some important things to keep in mind that...
1. customer service
2. premium
3. Cheper
4. Policies

Most of them are important!

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